UPDATE 1-UPS launches Middle East, Central Asia joint venture

* JV to focus on Turkey, Middle East, Central Asia

* UPS will have majority stake, no terms given

* Haluk Undeger will stay on as CEO of JV

* UPS stock up 21 cents at $49.58

CHICAGO, June 26 (Reuters) - The world's largest package delivery company United Parcel Service Inc (UPS.N) said on Friday that it has bought a majority stake in its Turkish service agent in order to grow its business in the Middle East and Central Asia.

The Atlanta-based company said it will take a majority stake in Unsped Paket Servisi San ve Ticaret AS, while Haluk Undeger will retain a minority stake and stay on as chief executive of the joint venture.

UPS did not disclose terms for the deal.

"This joint venture will spearhead growth among our other service agents and operations in these countries," Dan Brutto, president of UPS International, said in a statement. "This part of the world has become a transportation bridge and ideal near-sourcing location for Europe, Russia and Asia."

Along with its main rival Memphis-based FedEx Corp (FDX.N), UPS is considered a bellwether of economic activity. Both have suffered as a result of the global downturn.

Last week FedEx reported a larger quarterly loss and said the next two quarters will be "extremely difficult," but added that the worst of the recession may be over.

In trade on the New York Stock Exchange, UPS shares were up 21 cents at $49.58. (Reporting by Nick Carey; Editing by Phil Berlowitz)